What is the difference between an Image Preset and macro?

You create Image Presets in SPS by choosing Setup > Image Presets. When publishing to a Scene7 Image Server, the image presets are stored in a Macro file with a .mac filename extension and sent to the image servers. This .mac file is a manifest file that can be sent to an FTP server.

What are Image Formats?

Image presets were formally known as image formats in IPS classic. The image format nomenclature was discontinued with the introduction of SPS.